{
    "fund_name": "Fidelity Global HY Corp Bond Research Enhanced PAB UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex benchmark (Paris-aligned with ESG screens)",
        "High-yield corporate bonds (sub-investment grade)",
        "ESG integration requiring specialist knowledge"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage, inverse strategies, or swaps. While it invests in high-yield corporate bonds (sub-investment grade) and follows a complex benchmark (Paris-aligned with ESG screens), these factors alone do not trigger MiFID II complexity classification. The fund's risk profile (risk class 4) and use of derivatives for efficient portfolio management (not for leverage or amplification) further support the non-complex classification. The PRIIPs KID and factsheet confirm no comprehension warnings or excessive derivative usage. The primary complexity factors are the ESG integration and high-yield bond exposure, but these are manageable for retail investors with basic financial knowledge.",
    "confidence": 90
}